China agrees to refinance over $2 billion debt: Miftah Ismail

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Finance Minister Miftah Ismail has said that China has agreed to refinance $2.3 billion in debt, providing a major financial relief to the government.
This will help shore up our foreign exchange reserves.
“The terms and conditions for refinancing of RMB 15 billion deposit by Chinese banks (about US$ 2.3 billion) have been agreed,” Miftah shared good news on his Twitter handle on Thursday.
Inflow is expected shortly after some routine approvals from both sides. “This will help shore up our foreign exchange reserves,” he added.